Download - Ferrovial - Annual Report 2012

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Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries The average number of employees, by business division, is as follows: 2011 2010 Men Women Total Men Women Total Construction 10,843 1,649 12,492 11,108 1,544 12,652 Corporate 186 135 321 204 145 349 Real estate 30 54 85 36 75 111 Services 30,322 16,956 47,278 49,164 26,201 75,365 Concessions 733 423 1,156 1,275 974 2,249 Airports 5,259 3,399 8,658 6,251 4,019 10,269 Total 47,374 22,616 69,990 68,038 32,957 100,995 The change in the Services Division is a result mainly of the sale of all its ownership interest in Swissport whilst in the Concession Division the decrease in the number of employees is a result of the sale of the concessions in Chile (sale of Cintra Chile), Spain (divestment of Trados 45) and Canada (sale of its ownership interest in ETR-407). 29. Financial Result The changes in finance costs and finance income were as follows: Millions of euros 2011 2010 Change % Borrowing costs -367 -605 -39% Other finance costs 71 46 53% Finance costs of infrastructure projects -296 -558 -47% Interest income on financial assets 4 6 -21% Other finance income 15 13 12% Finance income of infrastructure projects 19 19 2% Financial loss/profit from fair value adjustments -3 3 -183% Total financial result of infrastructure projects -279 -537 -48% Borrowing costs -116 -150 -22% Other finance costs -129 -139 -7% Finance expense of other companies -246 -289 -15% Interest income on financial assets 33 21 56% Other finance income 130 132 -2% Finance income of other companies 162 153 6% Financial result from fair value adjustments 60 -31 -295% Total financial result of other companies -24 -167 -86% Financial Result -303 -704 -57% "Finance Costs of Infrastructure Projects" includes mainly the effect of the amounts recognised in construction projects, as shown in the detail below. Finance costs and income that do not relate in full to financing at the other companies include mainly the effect of the exchange rate differences, the interest cost relating to provisions for pensions and the return on the assets of these pension plans. The biggest effect on the change in the financial loss is due basically to the fact that in 2011 the Group did not assume any effect from 407 ETR and Cintra Chile as a result of the sale of a portion of the ownership interests recognised in 2010. The financial portion incurred to date on the sale amounted to EUR 172 million and EUR 103 million, respectively. The gains and losses presented in the table above relating to the changes in fair value arising mainly as a result of derivatives relate to those that were not considered to be effective. The effective portion of this amount is recognised in profit or loss based on the recognition of the hedged item of the same nature as that recognised in the detail included under Note 12 relating to derivative financial instruments measured at fair value. The items included under "Financial result from fair value adjustments" relating to derivative financial instruments measured at fair value gave rise to an impact of EUR 57 million on profit before tax. Ferrovial, S.A. Consolidated financial statements at 31 December 2011 84
Consolidated financial statements at 31 December 2011 Ferrovial S.A. and Subsidiaries The breakdown, by project, of the financial result of infrastructure projects is shown below. The table indicates the portion of the borrowing costs that is capitalised to investments in infrastructure projects under construction: Financial profit (loss) of infrastructure projects Millions of euros Millions of euros 2011 2010 Borrowing costs Accrued finance recognised in costs and profit or loss income Borrowing costs capitalised during construction period Borrowing costs capitalised during construction period Borrowing costs recognised in profit or loss Accrued finance costs and income 407 ETR International 0 0 0 0 -171 -171 US toll roads 82 -163 -81 61 -146 -85 Spanish toll roads 0 -118 -118 0 -102 -102 Other toll roads (Ireland and 14 -61 -47 12 -169 -157 Portugal) Services 0 -11 -11 0 -9 -9 Construction 0 -10 -10 0 -6 -6 Total 96 -362 -266 73 -603 -530 30. Net profit or loss from discontinued operations At 31 December 2011, profit from discontinued operations amounted to EUR 844 million, the detail being as follows: Income statement Before fair value adjustments 2011 2010 Before fair 2011 Total value adjustments Fair value adjustments Fair value adjustments Total 2010 Disposal Gain - BAA 142 706 847 0 0 0 Profit/loss - BAA 23 -26 -3 -77 -390 -467 Net profit/loss from discontinued operations 165 680 844 -77 -390 -467 "Net Profit or Loss from Discontinued Operations" includes mainly the disposal gain from the sale of 5.88% of the ownership interest in BAA (see Note 2) held by the Group at 31 December 2010, which then stood at 49.99% at 31 December 2011. Of the total EUR 847 million, EUR 142 million relate to the net amount of the gain arising on this sale while EUR 706 million relate to the gain arising from the adjusted fair value of the investment held. This gain is not subject to tax since it relates to the reversal of an impairment loss recognised in prior years. No gain exists on the historical tax base of the Group's ownership interest in this subsidiary. In addition, it includes BAA's loss of EUR 3 million during the first ten months of the year (see Notes 2 and 10). 31. Earnings per share A. Basic earnings per share Basic earnings per share are calculated by dividing the net profit or loss attributable to the Group by the weighted average number of ordinary shares outstanding during the year, excluding the average number of treasury shares held in the year. The calculation of basic earnings per share attributable to the Parent is as follows: Ferrovial, S.A. Consolidated financial statements at 31 December 2011 85
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